Russell Investments High Growth Fund

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1 High Growth Asset allocation as at 31 July objective To provide capital growth over the long term consistent with a portfolio focusing solely on growth assets, while accepting fluctuations in capital values in the medium term. strategy The typically fully invests in a diversified portfolio of growth investments. Derivatives may be used to implement investment strategies. Performance review 1,2 Int Shares 48.7 Aust Shares 38.2 Alternatives 7.3 Fixed Int & Cash 5.9 Period ending 31/07/ month 3 months 1 year 3 years p.a. 5 years p.a. Since inception p.a. Total return Distribution Growth Growth of $10,000 40,000 30,000 facts Share class Class C Inception date 31 October 2004 size AUD 80.29m Portfolio manager Andrew Sneddon Recommended investment timeframe 7 years Tax structure Investment - Class C APIR code RIM0030AU ARSN code Management cost 1.39 Performance-related fee ,000 10, commentary The High Growth narrowly outperformed the benchmark in July. The s 100 allocation to growth assets such as Australian and international shares means returns are highly sensitive to movements in share markets. Contributing to the s outperformance were positive absolute returns from our Australian equities portfolio; namely the Australian Opportunities and the Australian Shares Tracker. An underweight to commodities and positive absolute and benchmark-relative returns from the Russell Investments Emerging Market Debt Local Currency also added value; the latter benefiting from a strong rebound in Latin American emerging markets currencies over the period. In contrast, the s global equities portfolio detracted from returns in July, with the Global Opportunities (AUD hedged), the Multi-Asset Factor Exposure and the Tax Effective Global Shares all underperforming their respective benchmarks. An underweight to high-yield debt also weighed on returns. In terms of overall positioning, we reduced our AUD hedging ratio in July. We also increased the s exposure to global and early in the month before trimming these positions toward the end of the period. For the year ending 30/6/2017 as a percentage of net assets. Includes performance-related fees. Refer to PDS for further information. For the year ending 30/6/2017. May be charged if performance targets are met. Refer to PDS for further information. 01

2 High Growth (continued) Actual asset allocation as at 31 July Multi-Asset Factor Exposure Global Opportunities - A$ Hedged Tax Effective Global Shares Vanguard International Properties Securities Global Opportunities International Shares 48.7 International Shares Derivatives 3.7 Australian Shares Tracker Australian Opportunities Australian Shares 38.2 Australian Shares Derivatives -2.9 MAGS Plus 4.0 Emerging Markets Debt Local Currency Global Listed Infrastructure Amundi Absolute Volatility World Equities Multi-Strategy Volatility Premia Alternatives 7.3 Australian Cash Enhanced 5.9 Fixed Interest and Cash

3 High Growth (continued) Portfolio structure* Australian Shares Australian Opportunities Allan Gray Ausbil Fidelity L1 Capital Perpetual Vinva Australian Shares Tracker DFA Investors Mutual Limited Karara Capital Numeric Investors Platypus International Shares Global Opportunities - $A Hedged J O Hambro Capital Management Man Numeric Investors RWC Partners Sanders Capital, LLC Wellington Management Company LLP Global Opportunities J O Hambro Capital Management Man Numeric Investors RWC Partners Sanders Capital, LLC Wellington Management Company LLP Multi-Asset Factor Exposure Tax Effective Global Shares J O Hambro Morgan Stanley RWC Asset Advisors Sanders Capital Value: Contrarian (Deep Value) Style Neutral: Active Extension Growth: Aggressive Opportunistic Value: Quality (Concentrated) Style Neutral: Active Extension Deep value small cap Bottom-up with defensive characteristics Core Quantitative Aggressive growth Global emerging markets Core global value Core global growth horizons Global emerging markets Core global value Core global growth horizons Core Quality growth Defensive value Growth global Opportunistic theme-driven, emerging markets Value global 03

4 High Growth (continued) Portfolio structure* Tax Effective Global Shares Vanguard International Property Securities Index (Hedged) Vanguard Passive Alternatives Amundi Absolute Volatility World Equities AUD Hedged Amundi Volitility Multi-Asset Growth Strategy Plus Alternatives Global Listed Infrastructure - Hedged Cohen & Steers Growth, valuation sensitive Colonial First State amental with growth at a reasonable price Maple-Brown Abbott Limited Absolute return, benchmark agnostic Nuveen Style Neutral, diversified Active risk overlay Emerging Market Debt Local Currency Babson Value driven, quant & qualitative Colchester Value driven, country selection & currency management GLG Partners amental approach, currency & rates Multi-Strategy Volatility Premia Volatility Fixed Interest and Cash Australian Cash Enhanced Perpetual Cash enhanced 04

5 High Growth (continued) Contact To find out more about or how you can diversify your portfolio in just one transaction, you can: > visit our website at russellinvestments.com.au To invest in Retail s, contact your adviser today For more information: NSW, QLD, ACT & NT: VIC, SA, WA & TAS: Footnotes 1 Performance is net of fees and charges. Assumes reinvestment of income. Past performance is not a reliable indicator of future performance. 2 The distribution return reflects income paid from the, whilst the growth return reflects changes in the capital values of the units. 3 Allocations may not equal 100 due to rounding. *In order to manage a fund/portfolio to its investment objectives, retains the discretion to change the underlying investments at any time, without notice to investors. Please refer to the relevant Product Disclosure Statement for more information. Important information Issued by Russell Investment Management Ltd ABN , AFS Licence ("RIM"). This document provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. This information has been compiled from sources considered to be reliable, but is not guaranteed. Past performance is not a reliable indicator of future performance. RIM is part of. or its associates, officers or employees may have interests in the financial products referred to in this information by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, or its associates, officers or employees may buy or sell the financial products as principal or agent. RIM is the responsibly entity of s and the issuer of the Product Disclosure Statement ("PDS") for each. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any. The PDS is currently available by visiting russellinvestments.com.au or by phoning (02)